China

Will Europe overtake Asia in RMB trade settlement?

Is currently in talks with Banco Industrial e Comercial SA.

Service began Oct. 28. Chinese living in nine provincial-level regions (including Beijing and Guangdong) can look up their personal credit reports using an online inquiry service. The new platform is expected to draw public attention to personal credit records and help make credit management a part of people's daily routine. It is another form of credit tracking and will be available to the entire population in the first half of 2014, said the People's Bank of China. PBOC began building its database of credit information in 2006. The database collected information on 820 million individuals, of which 290 million had personal credit files. This database served as a yardstick for financial institutions to measure an individual's trustworthiness, especially when providing a loan. The China Banking Association said China’s financial institutions issued 330 million credit cards by the end of 2012, with annual trading of US$1.63 trillion. PBOC said banks' outstanding loans for home purchases stood at US$1.4 trillion as of end September.

Branch is first overseas by this state-owned bank. Li Ruogu, president of the Export-Import Bank of China, said the creation of the Paris branch gives the bank a financial services platform closer to its market and clients in Europe. He noted the branch would benefit Sino-French and Sino-European economic and commercial cooperation. Chinese government sources said the establishment of the Paris branch means that Chinese banks think highly of the strategic significance of Paris with its role as an international financial center, and have full confidence in Sino-French cooperation in economic and commercial fields. Founded in 1994, the Export-Import Bank of China facilitates the export and import of Chinese products; assists Chinese companies with comparative advantages and promotes international economic cooperation and trade.

Meet in Tokyo to consider slashing reliance on raters. Asian countries discussed efforts to decrease their "mechanistic" reliance on western credit ratings and to strengthen oversight of rating agencies during a meeting of the Financial Stability Board (FSB) Regional Consultative Group for Asia. Since the Great Recession of 2008, there has been significant discussion on the key role of western credit rating agencies in triggering the crisis. Some countries strongly objected to the sovereign ratings assigned for them. Members of the Regional Consultative Group for Asia include Australia, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.

Ten more cities will be added to program.

This time to the tune of US$2.1 billion.

This due to higher net interest income, fees and commissions.

Will enable inter-bank bond trading service in China.

Has had to pay more to attract deposits.

Indicates UBS’ resurgence following recent scandals.

Part of stepped-up market reforms.

First of its kind among all foreign banks in Shanghai.

Trials need more policy support, however.

Has highest NPL ratio among all 17 publicly traded banks.

Agreement covers technical assistance and other concerns.